Property Development

Hengyi lists historic former CUB HQ in Abbotsford

Hengyi lists historic former CUB HQ in Abbotsford
Written by The ReReport
As seen in the Source link, written by on 2019-11-01 10:00:09


China backed investment house Hengyi is quietly offering for sale the curved warehouse-converted-office in Abbotsford which was until recently the headquarters of Carlton & United Breweries, whose nine hectare plant is across the road.

The six-storey structure at 2-6 Southampton Crescent was built as Kodak’s headquarters in 1928.

Hengyi paid Wyllie Group about $16.5 million for the property
in 2015.

The office at 2-6 Southampton Crescent captures this view of the Melbourne CBD two kilometres away,

Wyllie Group picked it up with Charter Hall as part of a portfolio of 10 assets, paying CUB $41 million in 2007.

In 2009, Charter Hall sold its share of the properties to
Wyllie Group for $18.3 million.

The Abbotsford offering included a warehouse at 36 Bond
Street and two other buildings at 27 and 29 Duke Street.

At the time Hengyi acquired it, the buildings were returning
annual rent of about $2.1 million.

All up the site spreads 2404 square metres.

For sale via an expressions of interest campaign closing in December, few details are known – other than a confirmation by CBRE’s Mark Wizel that he is the selling agent with Fitzroys.

It is expected to trade for more than $18 million.

Part of the office space is for lease.

The ground floor is tenanted to biotechnology and generic drug making firm Starpharma Laboratory.

Hengyi tried to offload the property last year via other agency, according to a source.

Hengyi paid the Victorian government $17.5 million for 33 Jacksons Road, Mt Eliza (outlined) earlier this year. The site was unsuccessfully offered for sale in 2017 asking $24 million.

The investment was priced as high as $30 million during that unsuccessful campaigns. At least two agencies touted it prior to 2018, the executive added.

Seven months ago we reported that Hengyi paid the Victorian government $17.5 million for a former hospital on 3.4 hectares of waterfront land in Mt Eliza (pictured, above).

This site, 33 Jacksons Road, was unsuccessfully marketed in 2017 with an asking price of about $24 million before being withdrawn from sale and devalued, care of buildings on site receiving heritage protection.

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